Tips for buying a Repossessed RV
With the economic situation just starting to rise, many people are beginning to cautiously spend limited funds they have set aside for recreational purposes. Many have in mind buying a recreational vehicle with the long term benefit of saving money on hotel and other travel expenses when they go on vacation. Instead of buying a new RV with the dealer price ticket marked as much as forty percent above invoice, money conscious buyers are deciding to buy a bank repo RV, and are avoiding these charges. Here are a few tips for those who are looking to buy a repossessed RV:
Find Repossessed RV Auctions
There are several ways to find out where an auction is taking place. Your local bank, IRS, American General Finance, and local Police will have seized or repossessed RVs, and they will know when and where auctions are likely to take place. Used RV dealers, repo companies, auction houses, and online search advertisements for repossessed RVs are also good places to look for leads on property repossessions and bank repossessions.
Silent bid, live auctions, and online auctions are the three main types of auctions that sell bank repo RVs.
The first set, silent bid auctions, give more time to look over the RV, decide how much it is worth, and submit a written bid. Secondly, live auctions generally have less people bidding than a silent one, and if few prospective buyers show up, there is an opportunity to buy the repossessed RV at a considerable discount. However, since the bidding is done against other individuals in the room it is faster paced, giving less time to consider all the factors and more of a chance to get emotionally caught up in the action, which could result in overbidding. The third type, online auctions, generally sell for far less than the market value. But, it is difficult to know what condition the repossessed RV is in before the bidding starts, and that can be a great disadvantage.
Make Sure You Donít Need a License to Buy a Repossessed RV
Even though most states do not require a special license to participate in a repossessed RV auction it is still a good idea for a bidder to check and make sure of the requirements of the state intend to attend an auction in . Some auctions (like dealer auctions) require the prospective buyers to be licensed and bonded before they can make a bid. If this is the case, and a license is required, it is not difficult to acquire one. Before the repossessed RV bidding starts, this is a good thing to know to save buyers time and money if they happen to attend an auction where one is needed.
Do an Inspection of the Repossessed RV
In the cases where it is possible to do so, a walk through is strongly recommended. A walk through permits the bidders see the condition of the repossessed RV Ė allowing them to get a better idea of what it is worth. If there are multiple repossessed RV options, it is a good idea to select several potential Repo RVs to bid on, so that there are alternate bank repo RV choices available to bid on.
Know the Repossessed RVís Market Value
Before making a bid on a repossessed RV, many experienced auctioneers suggest that buyers should learn the current market value of the Repossessed RV they intend to purchase and compare prices on that model with dependable references, so that they avoid overspending while bidding on the RV they want to buy.
NADA and the Kelly Blue Book, and several online used RV sites are a few sources of reliable vehicle market value information that bidders may find helpful.
Have a Maximum Bid Set
Another help when bidding for a repossessed RV, especially when dealing with live auctions, is to have a ceiling bid set before the auction. This is a maximum bid amount, and once the bidding reaches that sum it indicates the stopping point. It is important to stick to that number and not go above it, otherwise there is a danger of becoming over emotional and overbidding the bank repo RV.
These are the basic key factors involved in a successful repossessed RV auction experience. When followed, these tips ensure that new bidders do not commit the most common mistakes and that they will go home happy and satisfied with their new RV, and how much they spent for it.
Rv tips - Complements of Pioneer RV Park